Recently, the South Korean government held the 42nd Central Emergency Economic Countermeasures headquarters meeting and issued "rare metal industry development countermeasures version 2.0". The government has decided to double the reserves of important rare metals such as tungsten, molybdenum and rare earths to ensure 100 Angel consumption, and will excavate and cultivate 100 large core enterprises of rare metals by 2025. Previously, the average reserve of rare metals in the country could only be used for 57 days.

It is understood that the main rare metals imported by South Korea include silicon, nickel, lithium, palladium, molybdenum and titanium. The prices of these rare metals have increased by about 1.5-2.5 times in recent year. A relevant person from the Ministry of industry of South Korea said that at present, the demand for rare metals is rising sharply. There is fierce competition in the world to ensure these metals, but the storage and production are concentrated in some regions, and there has always been the risk of imbalance between supply and demand. Therefore, the government focuses on the establishment of a stable supply system for the development of rare metals industry.